The sale of large loan books by banks tends to have commanded the headlines in recent years but there are tens of thousands of individual stories involved which rarely see the light of day.
These are stories of individuals who, through no fault of their own, invested in property and other assets near or at the top of the market and at a time when their income could support the borrowings involved.
The onset of the recession changed everything for them. In near perfect storm conditions many of these individuals saw their incomes fall even faster than the value of their investment assets leaving them with unsustainable debts.
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- Debt Relief Notice;
- Debt Settlement Arrangement;
- Personal Insolvency Arrangement; and
Why Grant Thornton?
Grant Thornton’s Debt Solutions team has been helping such individuals in all parts of Ireland to resolve their difficulties through negotiated settlements with creditors. Our team can help you as we have a wealth of experience of personal insolvency gained in the UK market to bear on behalf of Irish clients.
Our approach is to work with all parties to arrive at a solution which avoids bankruptcy. Buy-to-let properties may be surrendered to the creditors involved in settlement of those debts while the mortgage on the principal private dwelling might be restructured to make it sustainable in the long term.
Such solutions benefit all parties. Debtors have the burden of unsustainable liabilities removed while creditors who are unlikely to receive anything in a bankruptcy situation receive at least a portion of the outstanding debt.
Michael McAteer, Stephen Tennant and Billy Murphy are authorised by the Insolvency Service of Ireland to carry on practice as a personal insolvency practitioner.